Welcome to the online version of the Spring 2019 issue of NEWS: Financial Aid for Gators — a publication produced once a semester to keep students informed of important developments in financial aid.

Florida Bright Futures Renewal Requirements

All Bright Futures recipients are required to meet minimum credit hour and GPA requirements in order to renew their award each year. Students who do not earn the credit hours for which they were funded by the end of the evaluation period will be terminated from the scholarship program. http://www.sfa.ufl.edu/bf-renewal/MORE

Budgeting

While you’re in college, you’ll need to learn how to manage your finances, plan for changes, and prepare for the unexpected. Budgeting will help you build decision-making skills and help you reach your financial and academic goals. https://www.sfa.ufl.edu/budgeting-tips/MORE

Financial Aid Help

Walk-in financial aid counseling services are available in the Student Financial Affairs’ lobby in S-107 Criser Hall from 8am-5:00pm, Monday to Friday (excluding holidays). Students may also receive assistance with financial aid questions by submitting a request on http://www.sfa.ufl.edu/help/Financial Aid Help or via phone at 352-392-1275.

Spring SFA News

NEWS Financial Aid for Gators is produced once a semester by the Information/Publication Services section of the Office for Student Financial Affairs (SFA), to inform students about financial aid programs and services that help UF students meet educational costs.

SFA Director: Donna Kolb

NEWS: Financial Aid for Gators is available in other formats for students with documented, print-related disabilities. Students who are speech- or hearing-impaired can contact the Florida Relay Service. Dial 711 or 1-800-955-8771(TTY) http://www.ftri.org/FloridaRelay

The University of Florida is committed to equal treatment of students without regard to race, creed, color, religion, age, disability, sex, sexual orientation, marital status, national origin, political opinions or affiliations, or veteran status.

Florida Bright Futures Renewal Requirements

All Bright Futures recipients are required to meet minimum credit hour and GPA requirements in order to renew their award each year. Students who do NOT earn the credit hours for which they were funded by the end of the evaluation period will be terminated from the scholarship program. http://www.sfa.ufl.edu/bf-renewal/MORE

Consumer Information

The University of Florida is committed to providing important information to its students, faculty and staff. Consistent with this commitment and pursuant to the university’s notice and reporting obligations under various laws, additional information can be found on the UF Consumer Informationwebpage.

Authorization to Release Financial Information

In accordance with the Federal Family Educational Rights and Privacy Act of 1974 and Section 228.093 of the Florida Statutes, the Office for Student Financial Affairs is prohibited from releasing information to third parties concerning a student’s financial aid status and any financial records without the written consent of the student. http://www.sfa.ufl.edu/process/additional-information/info-release/MORE about the “Student Authorization to Release Financial Information” form found at ONE.UF.

Financial Aid Help

Walk-in financial aid counseling services are available in the Student Financial Affairs’ lobby in S-107 Criser Hall from 8am-5:00pm, Monday to Friday (excluding holidays and UF closings). Students may also receive assistance with financial aid questions by submitting a request on Financial Aid Help or via phone at 352-392-1275.

Fall SFA News

NEWS Financial Aid for Gators is produced once a semester by the Information/Publication Services section of the Office for Student Financial Affairs (SFA), to inform students about financial aid programs and services that help UF students meet educational costs.

SFA Director: Donna Kolb

NEWS: Financial Aid for Gators is available in other formats for students with documented, print-related disabilities. Students who are speech- or hearing-impaired can contact the Florida Relay Service. Dial 711 or 1-800-955-8771(TTY) http://www.ftri.org/FloridaRelay

The University of Florida is committed to equal treatment of students without regard to race, creed, color, religion, age, disability, sex, sexual orientation, marital status, national origin, political opinions or affiliations, or veteran status.

The Bookstore Deferred Payment Program is not additional funding for books. Instead, students can purchase books and supplies at the UF Bookstore before financial aid disburses, but will use financial aid funds that have already been awarded to pay for these charges. Charges from your purchases at the bookstore will be placed on your student account and will be paid when your financial aid disburses. Students will be responsible for any unpaid UF Bookstore charges on their accounts after financial aid has disbursed.

Eligible students who have been awarded an Academic Scholar Bright Futures award will have a $300 educational supplies stipend for the 2018-19 fall and spring semesters that will be disbursed with their Bright Futures scholarship. Students who have a Bright Futures Academic Scholar award can use the UF Bookstore Deferred Payment Program to purchase books and supplies and their payment for these supplies will usually be deferred until their financial aid is disbursed.

Welcome to the online version of the Summer 2018-19 issue of NEWS: Financial Aid for Gators — a publication produced once a semester to keep students informed of important developments in financial aid.

If you are paid financial aid based on your enrollment, and subsequently drop classes, you may be placed into repayment.

Please note that 2018 summer Bright Futures funding is only available for eligible Florida Academic Scholars and Innovation Academy students.

Receiving Summer Aid

Your financial aid will be awarded based on projected full-time enrollment for Summer.After summer A/C drop/add ends, your budget will be revised to reflect your actual costs and your aid may be adjusted based on your total enrollment for Summer A, B, and C classes.

Your aid will be disbursed after you begin summer attendance. If you are enrolled during Summer A/C, and your total summer enrollment (Summer A, B, and C) is at least half-time, then your financial aid for the entire summer will be disbursed up-front. If you are enrolled only in classes during Summer B, your aid will not be released until your classes begin.

Tuition/fees for summer will be calculated based on your total enrollment for Summer A, B, and C. All unpaid tuition/fees and housing charges will be deducted from your financial aid before disbursement.

Most aid programs require that you enroll at least half-time.

Federal Work-Study students must enroll for at least six credit hours to be eligible to work during the summer.

Your financial aid will be disbursed based upon your total enrollment for Summer A, B, and C classes.

If you are paid financial aid based on your enrollment, and subsequently drop classes, you may be placed into repayment. Be sure to communicate with your academic adviser and financial aid adviser prior to making changes to your schedule.

UF Policy Summer Attendance

The academic year at UF consists of three semesters beginning with fall and ending with summer. Freshmen and sophomores entering the State University System must complete at least nine credit hours during a summer session to graduate, with the exception of the student who earns nine credit hours via the Bright Futures acceleration mechanism. SFA supports this requirement, and summer money may be offered if:

Federal or institutional funds remain for summer awards after fall and spring semester needs are met; or

You choose to attend summer session instead of one of the other two semesters (for instance, attend fall and summer semesters and work spring semester) and you are awarded for fall/spring initially and notify us of your decision to attend summer instead of fall or spring. Students should go to https://student.ufl.edu, click on the appropriate academic year, then “Aid Status,” and complete the Summer Aid Request. See enrollment requirements for receiving aid.

Budgeting Tips for Students

While you’re in college, you’ll need to learn how to manage your finances, plan for changes, and prepare for the unexpected. Budgeting will help you build decision-making skills and help you reach your financial and academic goals.

Overestimate your expenses.It’s better to overestimate your expenses and then underspend and end up with a surplus.

Underestimate your income.It’s better to end up with an unexpected cash surplus rather than a budget shortfall.

Differentiate between needs and wants.One benefit of budgeting is that it helps you determine if you have the resources to spend on items that you want versus those you need.

Involve your family in the budget planning process.Determine how much income will be available from family sources such as parents or a spouse. Discuss how financial decisions will be made.

Prepare for the unexpected by setting saving goals to build an emergency fund.– Budgeting will help you cover unusual expenses and plan for changes that may happen while you’re in school.
– Planning to move off campus? Short-term budgeting goals for the year can include saving for the rent deposit and furniture for your new apartment.
– Starting an internship next semester? Adjust your budget to save for buying new clothes to wear to work and paying increased transportation costs.
– Finishing school in the next year? Budget to include job search expenses such as résumé preparation, travel to interviews and job fairs, and professional exam fees. Also, you may need to think about how you will manage your money between leaving school and finding a job—this is a time when an emergency fund can really help out.

Expect the unexpected.Your emergency fund should be used for expenses that fall outside the categories of annual and periodic bills. Redefine your notion of “unexpected” bills to encompass these unforeseen events rather than more common but infrequent expenses. The good news is that if you do not use your emergency fund, you will have savings—which should always be a priority when managing your finances. And, if you do not have to use your emergency fund, you may avoid unnecessary borrowing.

Only borrow what you need.If your living expenses are not going to be as high as the amount on your award letter, you have the right to turn down the loan or to request a lower loan amount. If you have any questions or don’t understand what types of loans are in your award letter, contact your adviser. Always ask questions and be an informed borrower. Make sure you understand what you’re receiving and the repayment terms.

Stay Eligible for Financial Aid

You need to make satisfactory academic progress in order to continue receiving federal student aid. In other words, you have to make good enough grades, and complete enough classes (credits, hours, etc.), to keep moving toward successfully completing your degree.

Students who fail to meet the following criteria will be ineligible for federal, state, and/or institutional scholarship and grant funds:

Has Your FAFSA Been Selected for Federal Verification?

You may receive emails from UF Student Financial Affairs alerting you that you have been selected for verification. “Federal Verification” is a review process, mandated by the federal government, to check the accuracy of information reported on financial aid documents submitted by students and their families. Nationwide, the federal government selects more than 30 percent of student financial aid applications for verification.

If your application is selected for verification, check your financial aid “to do” items at https://one.uf.edu/ONE.UF to determine what documents to provide.

Aid funds cannot be disbursed to you until you have submitted all requested documents and the accuracy of the information has been reviewed. Aid funds already disbursed may be entered into repayment if documentation is not received.

Summer 2018 SFA News

NEWS: Financial Aid for Gators is produced once a semester by the Information/Publication Services section of the Office for Student Financial Affairs, to inform students about financial aid programs and services that help UF students meet educational costs.

The University of Florida is committed to equal treatment of students without regard to race, creed, color, religion, age, disability, sex, sexual orientation, marital status, national origin, political opinions or affiliations, or veteran status.

Current Bright Futures Florida Academic Scholars (BFFAS) are eligible to receive funding in summer 2018. The BFFAS award pays 100% of applicable tuition and fees. The summer award amount does not include the $300 college-related expenses stipend.

UF students do not need to notify the Office for Student Financial Affairs (SFA) if they plan to attend classes in summer 2018 and only receive BFFAS. As long as eligible recipients are enrolled in at least 6 credit hours at the end of the drop/add period for summer, the BFFAS award will be calculated and disbursed.

In order for BFFAS to receive Bright Futures awards as a transient student, students must be enrolled at least halftime in any eligible State of Florida university or college.

If UF is your home institution and the BFFAS student attends another eligible State of Florida institution in the summer, the student should check with that institution to see if they quality for a Bright Futures tuition and fee deferment. If not, the student should be prepared to pay tuition and fees until their Bright Futures award disburses.

Summer Bright Futures awards have only been approved for Florida Academic Scholars for the 2017-18 year. 2017-18 Florida Medallion Scholars will not receive funding for Summer 2018.

Students admitted for the 2018-19 academic year are eligible for Bright Futures Florida Academic Scholars funding in summer 2018 if they were admitted for the summer 2018 and are degree-seeking. Students who were admitted for fall 2018 are not degree-seeking until that term begins and cannot receive Bright Futures awards prior to fall 2018.

Welcome to the online version of the Spring 2018-19 issue of NEWS: Financial Aid for Gators — a publication produced once a semester to keep students informed of important developments in financial aid.

Florida Bright Futures Renewal Requirements

All Bright Futures recipients are required to meet minimum credit hour and GPA requirements in order to renew their award each year. Students enrolled full time for both semesters are required to earn at least 24 semester hours in order to renew their award at the end of each academic year. For students not enrolled full time for both semesters, the hours required to renew are prorated.

Students who do NOT earn the credit hours for which they were funded by the end of the evaluation period will be TERMINATED from the scholarship program.

Students who do NOT earn their program’s required GPA at the end of their first evaluation period will be permitted a one-time restoration opportunity. Traditional students receiving funding during fall/spring will be permitted a one-time summer opportunity. Innovation Academy students receiving funding during spring/summer will be permitted a one-time fall opportunity.

Stay Eligible for Financial Aid

You need to make satisfactory academic progress in order to continue receiving federal student aid. In other words, you have to make good enough grades, and complete enough classes (credits, hours, etc.), to keep moving toward successfully completing your degree.

Students who fail to meet the following criteria will be ineligible for federal, state, and/or institutional scholarship and grant funds:

Learn More About Credit Scores

Students should be familiar with credit scores. Your credit score is a three-digit number that has a long-lasting effect on your buying power. When you apply for credit, your credit score will be checked. The higher your credit score, the better the chances you will be approved.

Although there are several scoring methods, the most widely accepted one comes from FICO. Your FICO score ranges from 300 to 850. These items make up your FICO score:

35 percent is based on your payment history. Early payments will have a higher number than on-time payments, which will have a higher score than late payments.

30 percent is based on outstanding debt. This outstanding debt is how much you owe on car loans, mortgages, credit cards, etc. The number of credit cards you have and if those cards are near the maximum borrowing limit will hurt your score.

15 percent is based on the length of time you have had credit. The longer you have been borrowing money and paying it back in a timely manner, the better your score.

10 percent is based on new credit. If you have opened several new accounts, that will have a negative effect on your score. Also, the more inquiries on your credit report in a year, the lower your score.

10 percent is based on the types of credit you currently have. It helps to have a mix of loan types. If you have a credit card, an installment loan will even the credit out.

Spring 2018 SFA News

NEWS: Financial Aid for Gators is produced once a semester by the Information/Publication Services section of the Office for Student Financial Affairs, to inform students about financial aid programs and services that help UF students meet educational costs.

The University of Florida is committed to equal treatment of students without regard to race, creed, color, religion, age, disability, sex, sexual orientation, marital status, national origin, political opinions or affiliations, or veteran status.

The Bookstore Deferred Payment Program is not additional funding for books. Instead, students can purchase books and supplies at the UF Bookstore before financial aid disburses, but will use financial aid funds that have already been awarded to pay for these charges. Charges from your purchases at the bookstore will be placed on your student account and will be paid when your financial aid disburses. Students will be responsible for any unpaid UF Bookstore charges on their accounts after financial aid has disbursed.

Eligible students who have been awarded an Academic Scholar Bright Futures award will have a $300 educational supplies stipend for the 2017-18 fall and spring semesters that will be disbursed with their Bright Futures scholarship. Students who have a Bright Futures Academic Scholar award can use the UF Bookstore Deferred Payment Program to purchase books and supplies and their payment for these supplies will usually be deferred until their financial aid is disbursed.

Although you must be accepted for enrollment at UF before you are considered for financial aid, you should apply for aid before being admitted. To apply for financial aid, complete the Free Application for Federal Student Aid (FAFSA) at https://fafsa.ed.gov/www.fafsa.gov. You can file a 2018-19 FAFSA as early as October 1, 2017. UF’s “On-Time” deadline to receive the results of your 2018-19 FAFSA from the federal processor is December 15, 2017. Apply well before December 15 to ensure that the federal processor has time to analyze and send the results of your FAFSA to our office. Financial aid is awarded on a first-come, first-served basis, so apply as early as possible to be considered for the most, and best aid.

In order for UF to consider you for a financial aid package, you must be a degree-seeking, admitted student and have met the “On-Time” deadline.

Apply for 2018-19 Financial Aid on October 1

To apply for financial aid, complete the Free Application for Federal Student Aid (FAFSA) at https://fafsa.ed.gov/https://fafsa.ed.gov/https://fafsa.ed.gov/https://fafsa.ed.gov/https://fafsa.ed.gov/www.fafsa.gov. You can file a 2018-19 FAFSA as early as October 1, 2017. UF’s “On-Time” deadline to receive the results of your 2018-19 FAFSA from the federal processor is December 15, 2017. Apply well before December 15 to ensure that the federal processor has time to analyze and send the results of your FAFSA to our office. Financial aid is awarded on a first-come, first-served basis so apply as early as possible to be considered for the most, and best aid. In order for us to consider you for a financial aid package, you must be a degree seeking admitted student and have met the “On-Time” deadline.

What can students do to prepare for 2018-19?

Use Your FSA ID
Create an FSA ID at https://fsaid.ed.govhttps://fsaid.ed.gov. An FSA ID gives you access to Federal Student Aid’s online systems and can serve as your legal signature. You must have an FSA ID before you can file a FAFSA.

Apply Early
Apply starting October 1, 2017. For your application to be considered “On-Time,” SFA must receive your FAFSA results, with a calculated Expected Family Contribution (or EFC), by December 15, 2017. Keep in mind that you are submitting your FAFSA to the federal government, not to the University of Florida. Submit your FAFSA weeks before the December 15 deadline so that there is enough time for your FAFSA data to reach our office before the deadline. Apply as early as possible to be considered for the most, and best aid.

Use the IRS DRT
The 2018-19 FAFSA will use 2016 income and tax information for students and parents. Use the IRS Data Retrieval Tool (DRT) when possible to automatically import your tax information into your FAFSA.

Reapply Every Year
Don’t make the mistake of assuming that financial aid magically renews itself—students must reapply each year by filling out the FAFSA.

2017-18 Bright Futures Update

In July, the Office for Student Financial Affairs revised financial aid award letters for eligible students receiving a 2017-18 Bright Futures Florida Academic Scholars Award. The revised award reflects 100% tuition and applicable fees plus a $300 stipend that can be used for college-related expenses for the fall and spring terms. Recipients of the Bright Futures Florida Academic Scholars Award will also be eligible for funding for summer 2018. Additional information is available about http://www.sfa.ufl.edu/news/2017-18-bright-futures-update.2017-18 Bright Futures.

Year-Round Pell Grant Update

Year-round Pell Grant is available starting with the 2017-2018 academic year. This allows for a student to receive 150% of a Pell Grant during an award year. Students can now take courses during the summer term that will allow them to graduate faster. To be eligible for the additional 50%, a student must be enrolled for at least 6 credit hours which is considered half time enrollment. Additional information is available about https://ifap.ed.gov/dpcletters/GEN1706.htmlYear-Round Pell.

Florida Bright Futures Renewal Requirements

All Bright Futures recipients are required to meet minimum credit hour and GPA requirements in order to renew their award each year. Students enrolled full time for both semesters are required to earn at least 24 semester hours in order to renew their award at the end of each academic year. For students not enrolled full time for both semesters, the hours required to renew are prorated.

Students who do NOT earn the credit hours for which they were funded by the end of the evaluation period will be TERMINATED from the scholarship program.

Students who do NOT earn their program’s required GPA at the end of their first evaluation period will be permitted a one-time restoration opportunity. Traditional students receiving funding during fall/spring will be permitted a one-time summer opportunity. Innovation Academy students receiving funding during spring/summer will be permitted a one-time fall opportunity.

Information and Financial Aid Assistance Available for Study Abroad

Student Financial Affairs has a Study Abroad financial aid coordinator who is dedicated to advising students on financial aid matters for their overseas studies.

For assistance with financial aid for Study Abroad, contact Allison Costa in S-107 Criser Hall, via phone at 352-294-3228 and email at mailto:allisoncosta@ufl.eduallisoncosta@ufl.edu. Allison will be at the UF Study Aboard Fair on September 20, 2017 from 10am-3pm at the Reitz Union North Lawn.

Stay Eligible for Financial Aid

You need to make satisfactory academic progress in order to continue receiving federal student aid. In other words, you have to make good enough grades, and complete enough classes (credits, hours, etc.), to keep moving toward successfully completing your degree.

Students who fail to meet the following criteria will be ineligible for federal, state, and/or institutional scholarship and grant funds:

Credit Card Tips

Properly managing a credit card is a big responsibility. Credit cards can help establish and improve your credit score if they’re used properly. They can also damage your credit score and get you into serious debt if you don’t know what you’re doing. Use the tips below to make sound financial decisions.

Shop Around

Select a card that has the lowest interest rate and fee structure, and be sure to read the fine print. You’ll also need to know about late charges, other fees, and grace periods. Make sure you know the card’s Annual Percentage Rate (APR) and how it’s calculated. Shop around for the best deal and be wary of card offers that seem too good to be true.

Limit the Number of Cards You Have

One credit card should be sufficient. Applying for a lot of credit at any given time can hurt your credit score and possibly make you a high credit risk. This can affect your ability to get loans or to rent an apartment. In addition, closing several credit cards at once will trigger a decrease in your overall credit score.

Set Your Minimum Balance Low

This helps you control your spending habits. Spending up to your credit limit – or maxing out your credit card – suggests you could be a credit risk since you might be likely to overspend.

Pay off Your Balance Each Month

This takes discipline, and it saves you money in the long run. If you can’t pay off the entire balance on all of your credit cards, pay off your higher interest rate cards first and always pay off more than the minimum balance.

Avoid Late Payments

Late payments are bad for your credit, and a credit card company could use a single late payment as justification for raising your interest rate going forward. This could cost you hundreds (or even thousands) of dollars over time.

Review Your Monthly Statement

Save your receipts so you can carefully compare the charges on your credit card receipts with your records to ensure an accurate monthly statement.

Balance Wants vs. Needs

If you’ve had problems with impulse spending, don’t carry all of your credit cards with you. Consider carrying a single card for emergencies only. It also helps to think in terms of wants vs. needs when it comes to spending money with your credit card. By resisting the temptation to spend impulsively with credit cards, you can maintain a healthy credit score with little risk of getting in over your head.

Reconsider Large Purchases

If you are considering putting a large purchase on your credit card, put yourself through a waiting period before you actually make the purchase. Remember, a large purchase will need to be paid off sooner or later, and you want to make sure you’re paying the least amount of interest on your credit cards as possible.

Cash Advances

Beware – the cash looks attractive, but interest accrues from the moment you accept the cash, and you will also be assessed transaction fees. This means a quick $20 withdrawal from an ATM by using your credit card could easily cost you $30 or more.

Fall SFA News

NEWS Financial Aid for Gators is produced once a semester by the Information/Publication Services section of the Office for Student Financial Affairs, to inform students about financial aid programs and services that help UF students meet educational costs.

The University of Florida is committed to equal treatment of students without regard to race, creed, color, religion, age, disability, sex, sexual orientation, marital status, national origin, political opinions or affiliations, or veteran status.